EVOL: Petrofac's administration, Swinney's Reform frustration, and Adura valuation

We discuss Petrofac's fall into administration and how the services giant fell from grace, the first minister's warning about Reform UK, and Shell and Equinor's third quarter results. This week’s episode features Energy Voice’s Ryan Duff, Michael Behr, and Mat Perry as they give their two cents on the week's headlines. Up first, the trio discuss Petrofac's administration and delisting from the London Stock Exchange. The beleaguered Tier 1 firm ended last week on an uncertain note as TenneT ditched a deal on a European offshore wind farm, which ultimately brought to an end Petrofac's restructuring plans. However, this was just the straw that broke the camel's back; the firm has never recovered from scandal and bribery, or the costly contracts it signed around the COVID-19 pandemic. Next up, Michael tells us about John Swinney's punchy comments concerning Reform UK's renewable energy stance. The first minister claims that Scotland's renewables industry would be led to ruin under a Reform government, as he and Scottish Labour leader Anas Sarwar laid out their stalls for next year's Holyrood election. Finally, Mat rounds up Shell's third-quarter results as the London supermajor beats analyst expectations. This comes as the firm looks to offload its UK assets to a new independent joint venture with Equinor. Speaking of the Norwegian state-backed firm, its books didn't paint as positive a picture as Shell's. It was revealed that the assets held for sale to form the new North Sea player, Adura, had cost the firm $650 million. However, both European majors have held true to Adura opening its doors by the end of 2025.